GCC Brokers is a foreign exchange broker operating out of Saint Vincent and the Grenadines. They claim to be one of the most successful brokerage organizations in the industry. Their goal is to provide trading resources as well as competitive circumstances such as minimum deposit requirements, tight spreads, and high leverage. In this extremely competitive market, we are going to make use of this research to look into what is currently available and determine how various vendors stack up against one another.
Are you confused about which forex brokers offer the best services for trading with Saudi Arabia and the other GCC regions? If this is the case, you should study this work in order to determine which broker is the most suitable for your needs. You will also gain knowledge about the many organizations that regulate the operations of brokers in this region at the present time via this study. We have also included in this work the many things that you need to think about when selecting a forex broker in this region so that you don’t end up in the wrong hands.
Definition of GCC Foreign Exchange Brokers
The term “GCC brokers” refers to financial intermediaries who conduct business in countries located in the Middle East. These countries include Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia, as well as the United Arab Emirates. The initials “GCC” stand for “Gulf Cooperation Council,” which is also an abbreviation.
Different Categories of Brokers Working in the GCC
ECN brokers, Desk Dealing brokers, and Market Makers are the three most important categories of brokers that are active in the GCC today. Other types of brokers include:
Who Are the GCC’s Most Prominent Forex Regulators, and What Do They Do?
There are five primary forex regulators that have been established in order to monitor the activity of all forex brokers located within the various GCC regions. The following is a list of them:
• The Dubai Financial Services Authority (DFSA);
• The Abu Dhabi Global Market (ADGM);
• The Emirates Securities and Commodities Authority (ESCA);
• The Securities Commission Authority (SCA);
• The Central Bank of the United Arab Emirates;
• (CBUAE) Considerations to Make Before Selecting a Foreign Exchange Broker in the GCC
• Regulation: It is always necessary to ensure that the broker you choose to trade within the GCC regions is regulated by the major forex regulators within the region, such as those that we have listed above. This is one of the most important considerations to make when selecting a broker to trade with within these regions. In addition to this, a good factor for selecting a forex broker to trade within the GCC regions is for the broker to be regulated by numerous international organizations such as the FCA, ASIC, and FSA.
• Spreads: A spread is often the charge that the broker makes for the services that they provide. It is the gap between the price that was asked and the price that was bid. Traders should look for brokers that have fees and spreads that are as minimal as possible.
• Charges: Some brokers who offer Zero spread accounts typically charge some commissions at the moment each trade is concluded for the services rendered. This is done in exchange for the broker providing the Zero spread account. When it comes to trading, the best brokers are those that charge the lowest possible trading commissions.
• Swap-Free Accounts: Because the countries that make up the GCC are predominately Muslim, it is forbidden for them to engage in business with any broker that makes overnight trades subject to interest charges (also known as swaps). Therefore, the ideal brokers for trading in this region are those that offer Islamic accounts, which are swap-free.
• Marketplace or Trading Platform: An ideal broker for trading in this region should have outstanding trading platforms, providing access to global trading platforms such as MT4 and MT5, as well as other worldwide trading platforms.
• Number of Years in the Business When looking for a broker to trade within the GCC regions, it is always advisable to choose from among those that have worked in the industry for a significant number of years.
• Customer Support Service: In general, customers expect brokers to provide a good customer support service unit that can handle a variety of complaints from customers. This unit’s responsibility includes attending to those issues. When looking for a broker to trade with in this location, the availability of a broker and their willingness to handle any concerns raised by their customers are always crucial aspects to look for.
• Ease of Depositing and Withdrawing Money One of the most common causes of frustration for traders is the length of time it takes to deposit and withdraw money. This process was frequently held up by certain brokers. Because of this, the only brokers that are advised for trading in this region are those that offer a wide variety of deposit and withdrawal alternatives, in addition to fast fund approvals.
• Traders’ Review: When selecting a broker, it is vitally important to take into consideration the general comments that have been made by traders who have used the broker’s platform. For trading in this location, the only brokers that are suggested are those with positive recommendations.
GCC Brokers’ Various Types of Accounts
When you sign up for an account with GCC Brokers, you have the option of selecting from one of four different accounts. Let’s have a look at what each of these accounts has to offer.
Account on a Micro Scale:
This account has a minimum deposit of fifty dollars, and the maximum allowed deposit is three hundred dollars. Fixed spreads beginning at 3 pip increments can be found on this account, and leverage can reach up to 1:400. The account can have a maximum of one hundred open deals at any given moment, and the smallest amount that can be traded is 0.1 lots. There are no additional commissions, and it leverages market execution to complete transactions. Both swap charges and slippage are present in this scenario.
Standard Account: This type of account has a minimum deposit of $300 and has a limit of $50,000 for the maximum amount that may be deposited. Floating spreads beginning at 1 pip are included in the account, and leverage of up to 1:200 is available. The account is able to have a maximum of 200 open deals at any given moment, and the smallest amount that may be traded is 0.01 lots. There are no additional commissions, and it leverages market execution to complete transactions. Both swap charges and slippage are present in this scenario.
The Pro Account has a minimum deposit requirement of $50,000 and there is no maximum deposit limit associated with this account type. Raw spreads and leverages of up to 1:100 are included in the account by default. The account allows for an unlimited number of open deals at any given time, and the smallest size trade that may be executed is 0.01 lots. There are no additional commissions, and it leverages market execution to complete transactions. Both swap charges and slippage are present in this scenario.
Swap-Free Account: This account requires a minimum deposit of $300 and has a limit of $50,000 for the maximum deposit amount that can be made. The account features floating spreads that begin at 2 pip increments and leverage that can reach up to 1:200. The account is able to have a maximum of 200 open deals at any given moment, and the smallest amount that may be traded is 0.01 lots. The trades are executed based on the market, and there is an additional commission of $20 per lot moved. The account does not incur any swap fees or slippage, and the trades are executed based on the market.
Platforms
The only platform that can be used is MetaTrader 5, which is the younger brother of MetaTrader 4 and utilizes many of the same features. These features include the capability to trade stocks, futures, currencies, precious metals, CFDs, and digital currencies, as well as online news and marketing reports. In addition to maintaining complete records of all transactions, supporting all order modes, providing different account administration options, real-time market and real-time quotation monitoring, charts, and sales reports, technical analysis makes it possible to implement automated trading systems.
Leverage
The greatest amount of leverage that you have access to is determined by the account that you are utilizing. The maximum possible leverage for the Micro account is 1:400, the maximum possible leverage for the Standard and Swap-Free account is 1:200, and the maximum possible leverage for the Pro account is 1:100. Contacting the customer care team will allow you to make adjustments to an existing account or choose a different leverage level for a new account when it is first opened.
Trade Sizes
Trade sizes on all accounts begin at 0.01 lots, which is often referred to as a micro-lot, and increase by increments of 0.01 lots as they go up. We are unable to provide an estimate for the largest possible transaction size. The Micro account can have 100 orders, the Standard account and the Swap-Free account can have 200, and the Pro account can have an unlimited number of open trades and orders. The maximum number of open trades and orders depends on the kind of account.
Prices Paid in Trade
The Swap-Free account is the only one that charges a commission, and it charges an additional $20 for each lot that is traded. All of the other accounts make use of a method that is based on spreads.
Swap charges are also applicable to the Micro, Standard, and Pro accounts. Swap charges are fees that are charged for holding trades overnight and may be accessed inside the trading platform that you are utilizing. Swap charges can be found in all three account types. The Swap-Free account does not have any of these associated fees.
Assets
The accessible assets at GCC Brokers have been categorized into a number of different groups; we have included a list of those groups below, along with the instruments that fall into each of those groups.
The following pairs are considered to be the “majors” in forex: EURUSD, GBPUSD, USDJPY, USDCHF, USDCAD, AUDUSD, and NZDUSD.
Forex Minors: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCDHF, EURGBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPSEK, GBPSGD, NZDCAD, NZDCHF, NZDJPY, EURPLN, EURSEK, EURSGD, EURTRY, SGDKPY, USDDJJ, USDHKD, USDHUF, USDNOK, USDPLN, USDSEK, USDSGD, USDTRY, USDZAR.
Metals: XAUUSD, XAUEUR, XAGUSD, XAGEUR (Gold and Silver).
The following indices are included: AUS200, AUST20, CHINA50, US30, EU50, FRA40, GET30, MCAP50, HOL25, HIS 50, ITA40, JP225, US100, ES 50, SGXSING, SWE30, SWI20, SGXTAI, TECH30, UK100, and USINDEX.
Energy sources include crude oil from the United States and the United Kingdom (Brent), gasoline, heating oil, and natural gas.
Sugar, Number One, and Soybean are Examples of Soft Commodities. Copper, Wheat, and Corn, as well as Arabica Coffee.
Spreads
Fixed spreads begin at 3 pips for the Micro account, floating spreads begin at 1 pip for the Standard account, raw spreads begin at 3 pips for the Pro account, and the Swap-Free account begins with floating spreads that begin at 2 pips.
Fixed spreads do not change with the markets and will always remain the same, whereas floating spreads, also known as variable spreads, will move with the market and, during times of higher volatility, will often be seen as being higher than the amount that is stated. Fixed spreads are the opposite of variable spreads.
Minimum Deposit
If you wish to open an account, the bare minimum is fifty dollars, which will give you access to the micro account. If you want access to a higher tier account, you will need to deposit at least three hundred dollars, or fifty thousand dollars for the pro account.
Deposit Options and Related Fees
The website that describes the many ways to make deposits cannot be accessed at this time; all that is mentioned is that it will be available soon. However, there are a few graphics on the page that suggest Skrill, Neteller, Wire Transfer, MasterCard, and Visa will all be available. Whether or not this is actually the case is something that we are unable to confirm. You should always check with your own bank or processor to see if they add any fees of their own, as we do not know if there are any additional fees for deposits and do not know if there are any additional fees for deposits.
Methods of Withdrawal & Associated Costs
We believe that Skrill, Neteller, Wire Transfer, MasterCard, and Visa will all be available for withdrawals. The same page is available for withdrawals, which is why the same coming soon notice is displayed; the page is currently available for withdrawals. As is customary, verify with your bank or processor to determine the fees associated with receiving transfers.
Processing of Withdrawals and Amount of Time Spent Waiting
We, sadly, do not know this information either; nevertheless, we anticipate that any withdrawal requests will be fully handled between one to five working days after the day the request was made, starting from the date the request was submitted.
Presenting: Bonuses and Promotions
The three different promotions that are available are essentially encouraging us to get ready for them because they will be here very soon. It would appear that there are currently no active promotions being offered at this time. You may always check back to see if they have started, or you could get in contact with the customer support team to find out if they have any upcoming promotions that you could participate in.
Instruments for Education and Business Dealings
The only two instruments at your disposal, the first of which is a news section that, unfortunately, is empty. The second part of this guide is a glossary of terminology that pertain to trading. If you come across a word or phrase that you are unfamiliar with, you may look it up in the glossary. That is all there is, which is bad because many brokers are seeking for ways to assist their customers in becoming better traders. As a result, it would be excellent if GCC Brokers added a little bit more in this area of the business.
Assistance to Customers
The customer assistance team is available around the clock from Sunday evening at 22:00 GMT to Friday evening at the same time. You can send in your query by using the online submission form, the postal address that is offered, or the customer service email, dealing desk email, or sales email that is provided. Alternatively, you can use the postal address that is provided.
Suite 305, Griffith Corporate Centre, Beachmont, Saint Vincent and the Grenadines, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.
Email: cs@gccbrokers.com
Free Trial Account
Demo accounts are available, and using them enables you to test out new trading tactics and the markets themselves without taking on any actual financial risk. You have the option of selecting a leverage of 1:100, 1:200, 1:300, 1:400, or 1:500, and your balance can range anywhere from 1,000 to 1,000,000. The account gives the appearance of lasting forever.
Countries That Are Welcomed
Because the website does not provide this information, we strongly advise getting in touch with the customer support team if you are considering registering for an account. This will allow them to verify whether or not you meet the requirements to have an account.
Conclusion
The three accounts that are available each have a few subtle differences, most notably in the spreads. With regard to the commissions, we are a little confused simply due to the fact that the Pro account has a spread as low as 0 pips but does not have any additional commissions, which seems a little strange to us. Aside from that, the other trading conditions are competitive, and there is an abundant supply of instruments and assets that may be traded. Our primary concern is that there is no concrete information available regarding the deposit and withdrawal methods. This is not good for new customers because they need to know how they can get their money in and out of the site, and it is equally as important for them to know if it will cost them anything to do so. Because we do not have access to that information, it is difficult to recommend that they be sued as a broker at this juncture.
